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Environment
NYC BUDGET WILL CONSIDER CLIMATE IMPACTS OF SPENDING
New York is the first major US city to use climate budgeting, which measures the
emissions effect of funding decisions.
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NYC has adopted climate budgeting as part of its goal of reducing carbon
emissions 80% by 2050.
Photographer: Charly Triballeau/AFP via Getty Images
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By Stephen Lee
April 30, 2024 at 12:00 AM HST
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New York has become the first major US city to embed climate impacts into its
budget decisions.
The process, known as climate budgeting, is meant to measure the effects of the
city’s spending on emissions, find areas where more investment is needed, and
make the city more resilient.
Going forward, the city will forecast future emissions trajectories — something
it hasn’t historically done — and apply a specialized method for determining
whether capital projects are in line with the city’s goals, according to a
report from the Office of Management and Budget issued Tuesday.
“Every dollar has to do double duty now — it has to not only do its purpose in
terms of building out infrastructure or providing energy, but it also has to
lower emissions, cool, absorb water,” Meera Joshi, New York’s Deputy Mayor for
Operations, said in an interview. “And that is the only way that New York City
will survive.”
Climate budgeting was used for the first time in Mayor Eric Adams’ (D) fiscal
2025 executive budget, released April 24. The process led to the allocation of
$4 million and 36 full-time staffers to enforce a new mandate that requires
building owners to reduce their carbon emissions, and $85 million in additional
funding to turn the south Brooklyn Marine Terminal into an offshore wind hub.
The city is also working on developing ways of understanding how current
investments affect future resilience to climate threats and environmental
justice, OMB said.
Broadly, the climate budgeting plan is meant to ensure the city makes the kinds
of long-term investments that often get ignored when budget-writers plan their
spending, Joshi said.
“If you need to save some money because you want your kids to go to college, you
can’t just wait until they graduate high school,” she said. “You have to
intentionally and deliberately save that money. This is simply putting climate
on that same kind of intentional, deliberate schedule.”
The approach supports New York City’s target of cutting its carbon emissions by
80% by 2050. Most of the city’s emissions come from its buildings, followed by
transportation, then waste.
City Hall, under Adams and his recent predecessors, has taken various steps to
address those sectors. Most notably, the city finalized rules in December to
enact Local Law 97, which requires large buildings to cut their emissions or
face fines. The Adams administration is also readying a congestion-pricing
program in lower Manhattan for as soon as June.
Read more: How a Climate Law Created New York City’s First Electric Skyscraper
All told, the current policies have New York on a course to cut its emissions by
54% by 2030 and 74% by 2050, according to OMB.
“By embedding climate into our budget-decision making, we are changing the very
calculus of government spending going forward and acknowledging that climate
must be at the forefront of what we do,” Adams said in a statement.
Amy Bailey, director of climate resilience and sustainability at the Center for
Climate and Energy Solutions, said New York City’s adoption of climate budgeting
could influence other US cities to do the same. A handful of international
cities, including London and Oslo, have adopted the method.
"You can expect other cities to learn from their efforts and adopt elements to
improve their own processes," Bailey said.
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